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Assume Federal Income Tax will be withheld at a rate of 20% for everyone. FICA Social Security rate is 6.2% and Medicare is 1.45%. When
Assume Federal Income Tax will be withheld at a rate of 20% for everyone. | ||||||
FICA Social Security rate is 6.2% and Medicare is 1.45%. | ||||||
When you called your State, they told you that your State Unemployment tax rate would be 5.4%. | ||||||
Recall that the Federal Unemployment rate is the same for all businesses, 0.6%. | ||||||
Assume that no employee has reached the wage limits for FUTA, SUTA or Social Security. |
Employee Name | Hours worked | Hourly rate | Gross Pay | Federal Withholding | Social Security | Medicare | Net | |
John Doe | 40 | $15.00 | $ 600.00 | $ 120.00 | $ 37.20 | $ 8.70 | $ 434.10 | |
Jane Jones | 40 | $15.00 | $ 600.00 | $ 120.00 | $ 37.20 | $ 8.70 | $ 434.10 | |
Jessie Smith | 40 | $17.00 | $ 680.00 | $ 136.00 | $ 42.16 | $ 9.86 | $ 491.98 | |
Erik Ackers | 25 | $17.00 | $ 425.00 | $ 85.00 | $ 26.35 | $ 6.16 | $ 307.49 | |
Nan Schmit | 30 | $18.00 | $ 540.00 | $ 108.00 | $ 33.48 | $ 7.83 | $ 390.69 | |
Larry Johnson | 35 | $20.00 | $ 700.00 | $ 140.00 | $ 43.40 | $ 10.15 | $ 506.45 | |
Christopher Hay | 40 | $25.00 | $ 1,000.00 | $ 200.00 | $ 62.00 | $ 14.50 | $ 723.50 | |
Totals | $ 4,545.00 | $ 909.00 | $ 281.79 | $ 65.90 | $ 3,288.31 |
Required: Enter the journal entries from the transactions found on the Transaction worksheet | |||
Journal Entries | |||
Date | Account Title | Debit | Credit |
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